PUBLICATION

1. “Risks and Returns of Cryptocurrency“, with Aleh Tsyvinski

Review of Financial Studies, 2021 

   RFS Editor’s Choice Article

2. “Common Risk Factors in Cryptocurrency”, with Aleh Tsyvinski and Xi Wu

Journal of Finance, 2022  [3-Factor Data]

3. “Long Run Risk: Is It There?”, with Ben Matthies

Journal of Finance, 2022  [N-index Data] 

Reply to a critique of the paper

4. “How Does Shareholder Governance Affect the Cost of Borrowing? Evidence from the Passage of Anti-Takeover Provisions”, with Xi Wu

Journal of Accounting and Economics, 2023

5. “Labor Links, Comovement and Predictable Returns”, with Xi Wu

Journal of Financial and Quantitative Analysis, 2025 [Labor Links Data] 

   Winner of Q-Group Jack Treynor Prize

   WFA Cubist Systematic Strategies Award for Outstanding Research

   Best Paper Award of TAMU Young Scholars Finance Consortium

   Chicago Quantitative Alliance Annual Academic Competition (Second Prize) 

6. “Institutional Investor Attention”, with Alan Kwan and Ben Matthies

Journal of Finance, Forthcoming

7. “Weighted-Average Quantile Regression,” with Denis Chetverikov and Aleh Tsyvinski

Journal of Econometrics, Forthcoming

Working paper

1. “Forward Selection Fama-MacBeth Regression with Higher-Order Asset Pricing Factors,” with Nicola Borri, Denis Chetverikov, and Aleh Tsyvinski

2. “One Factor to Bind the Cross Section of Returns,” with Nicola Borri, Denis Chetverikov, and Aleh Tsyvinski (R&R, Journal of Finance)

3. “Supply Chain Disruptions, Supplier Capital, and Financial Constraints,” with Ernest Liu, Vladimir Smirnyagin, and Aleh Tsyvinski

4. “Cryptocurrency is an Investable Asset Class Coming of Age,” with Nicola Borri, Aleh Tsyvinski, and Xi Wu (Annual Review of Financial Economics, prepare for volume (18) 2025)

5. “‘No-Interest’ Advertising in High Interest Loan Markets,” with Yufeng Huang, Bowen Luo, and Xi Wu

6. “The Economics of Non-Fungible Tokens,” with Nicola Borri and Aleh Tsyvinski

7. “Accounting for Cryptocurrency Value,” with Aleh Tsyvinski and Xi Wu (R&R, Journal of Accounting Research)

8. “Crises Do Rhyme: An Asset Pricing Perspective,” with Jacob Boudoukh, Toby Moskowitz, and Matthew Richardson

9. “How Do Investors Value Technology in Cryptocurrency? Evidence from Textual Analysis,” with Jinfei Sheng and Wanyi Wang

   AMTD FinTech Center Prize

10. “Labor-Based Asset Pricing”, with Vladimir Smirnyagin

   Winner of Blackrock Applied Research Award

11. “The Rise of User Concentration in the Mobile App Market”, with Yufeng Huang and Xi Wu

12. “Do Investors Understand the Digital Economy? Mobile Apps, Firm Disclosure, and Stock Returns”, with Shuping Chen and Xi Wu